Industry

Together Fund has made its first investment by acquiring a stake in Caviar Group, a Belgian-based production company generating €200 million in annual turnover and operating across seven countries, including the United States.

The deal enables Caviar’s management team to buy back shares previously held by Telenet and has been completed in partnership with investor Jürgen Ingels.

After the transaction, Caviar’s management team will continue to implement its growth strategy across scripted, unscripted, and branded content in both Europe and the United States.

“Making our first investment in Caviar Group is fully aligned with Together’s ambition: to back independent European production companies and support management teams in building long-term value,” said Alexandra Lebret at Together Fund. “We are particularly pleased to support Caviar’s management in keeping the company independent and anchored in Europe, while continuing to scale internationally. Preserving European-owned creative assets and IP is central to our long-term approach.”

Bert Hamelinck, CEO at Caviar Group, added: “This investment marks an important step for Caviar. Together Fund understands our business and share our long-term vision.With management holding 55%, we are strengthening our ability to pursue our strategy and accelerate growth across our activities in Europe and the US.”

Caviar has built a strong track record of creative excellence and international reach. The group produced "Sound of Metal", a Belgian-originated film that went on to win two Academy Awards, and created successful series including "Clan", later adapted by Apple TV+ as "Bad Sisters".

Jürgen Ingels stated: “People may associate me more with technology than with media, but this investment truly feels like a natural fit. I have a creative mindset and work closely with technology. Investing in a creative sector that is increasingly shaped by technology brings those two worlds together in a very natural way.”